This blog was updated December 9, 2022
Bank of Cyprus has launched a new round of its promotional offer on its Real Estate Management Unit (REMU) as part of efforts to reduce the lender's non performing assets.
Titled "Limited Time Offer: 15 Assets – 15 Days" the campaign offers special prices on 15 properties across all asset classes for 15 days. It is third time the bank has ran this deal and refers to 9 residential and 6 land assets.
The concept relates to providing reduced prices on certain assets across Cyprus, covering all asset classes and geographical areas, according to the lender.
"These selected assets are instantly available at the lowered prices, with the assets to be offered to prospective buyers on a first-come, first-served basis. The prices are firm and final and only offers at these fixed levels will be accepted," it said in a newsletter.
Bank of Cyprus properties for sale
The properties included in the offer are maisonettes, apartments and a villa located in Paphos, Larnaca, Famagusta and Limassol. In one example, the asking price of a two bedroom apartment in Larnaca has been reduced to 207,000 euros from 250,000 euros and in another example, the price of a three bedroom villa in Limassol was cut to 235,000 euros from 284,000 previously.
The offer period starts on Friday 9th of December and runs through to Friday 23th of December 2022.
Bank of Cyprus auction properties
Bank of Cyprus' Real Estate Management Unit (REMU) is the platform used by the lender to auction properties tied to its bad debt. Cypriots have been turning more and more to online property auctions amidst a housing shortage in the country, according to a recent report from the European Commission.
The assets sold by REMU include fields and plots of land for sale from across the country. Prices start from 5,500 euros and go up to 1 million euros.
Online auctions platform
Bank of Cyprus's REMU (Real Estate Management Unit) has been set up with a mandate to manage the bank’s non-core properties in a move aimed at improving its balance sheet.
REMU’s predominant focus is on reviving the investment activity in Cyprus and consists of four departments:
On-boarding (integrating REMU into BOC & familiarizing prospective clients with REMU's services); Property Management; Asset Management; Monetisation (converting the non-core properties into revenue).
The unit aims to play a key role in attracting overseas investors, both retail and institutional, in order to drive growth in the local real estate market.
From beachside homes to vacant lots
The platform carries an array of real estate assets put up for sale, ranging from vacant plots of land through to luxury beachside villas and small downtown apartments in central Nicosia and other urban areas. Those interested in finding out more about the digital platform and the properties sold can subscribe to its newsletter or contact the bank at firstname.lastname@example.org.